Workplace messaging and collaboration app Eko has raised $20 million in Series B funding led by SMDV, a venture capital firm in Indonesia. AirAsia’s digital investment arm, RedBeat Ventures, Gobi Partners, East Ventures and several existing shareholders also participated.
Eko calls itself a mobile-first collaboration and communications platform built to solve a growing problem for businesses that rely on non-desk based workforces. The app provides users with a host of functionality, including communications, business process management (workflows), project management and knowledge management.
The Bangkok and London-based company has seen revenues more than triple in the past year, and now claims to have over 500,000 recurring paid users across sectors including retail, hospitality and banking. It plans to use the funding to accelerate its expansion in Europe and North America.
Korawad Chearavanont, CEO and founder, said:
“The EU’s economy is roughly seven times larger than that of Southeast Asia’s, whilst the U.S. is roughly the same size as Europe. The difference in the size of the enterprise IT market is even wider as the EU and the U.S. spend heavily on software. Thus, if Eko is to achieve the necessary scale to become a serious global player in the mobile enterprise market, continued growth in these markets is critical.”
Since launching its sales, business, and partnership operations in Europe earlier this year, Eko says it has seen its global sales pipeline grow by more than 10 times, with the majority of client opportunities now coming from Europe and North America.
Eko’s team of over 100 is spread out among offices in Bangkok, London, Amsterdam, Berlin and New York. The latest round comes on top of $8.7 million previously raised, including an A round led by Gobi Ventures, a Seed round led by 500 Startups, and a strategic investment from Itochu Corporation.